The respondent financial advisory firm was engaged by the appellant trust company to raise debt or equity financing.
The agreement permitted the appellant to sell its assets without obligation to the respondent.
After the respondent obtained a letter of interest from a bank, the appellant terminated the engagement, paid the contractual fees, and later sold its assets to the bank.
The trial judge awarded the respondent $420,000 for unjust enrichment.
The Court of Appeal allowed the appeal and dismissed the action, finding that the respondent failed to establish an enrichment, a corresponding deprivation, or the absence of a juristic reason, as the services were not freely accepted for an asset sale and the respondent had no reasonable expectation of compensation beyond the contract.